Addressing the matter at a media briefing on Wednesday, the roads and bridges minister said, "I don't fully know the reality of the situation. The issue of the syndicate needs to be looked into objectively."
"There are rogues in our country who form syndicates to reap benefits. The matter will be looked into."
The government set the price of rawhide this year after a meeting with representatives from the traders and tanners.
According to the merchants, tanners did not clear their dues from past years which forced them to offer low prices for the hides or stop buying it entirely.
Seasonal traders in Dinajpur, the rawhide trade hub of the north, and Chattogram abandoned thousands of rawhides on being offered meagre prices or for failing to find any seller.
Amid the disquiet, BNP leader Ruhul Kabir Rizvi on Tuesday blamed an ‘influential syndicate’ run by a ruling Awami League leader for the drop in prices of rawhide and skin of animals slaughtered on Eid-ul-Azha.
He further alleged that the ‘syndicate’ is smuggling rawhide to India.
On the BNP senior joint secretary general's remarks, Quader said, "It's only been one day since Eid and it's not enough time to get a full gauge of the situation. The issue needs to be evaluated taking into account the overall circumstances."